News Release

Sep. 26, 2025

JCR Removed Credit Monitor; Upgraded Rating on Sumitomo Mitsui Construction to A+; Placed Stable Outlook

JCR Affirmed A- and J-1 on Rakuten Group; Revised Outlook to Stable

JCR Affirmed A- and J-1 on Rakuten Card; Revised Outlook to Stable

JCR Affirmed A- and J-1 on Rakuten Bank; Revised Outlook to Stable

JCR Affirmed A- Long-term Issuer Rating on Rakuten Securities; Revised Outlook to Stable

JCR Affirmed A- Long-term Issuer Rating on Rakuten General Insurance; Revised Outlook to Stable

JCR Affirmed A- Long-term Issuer Rating on Rakuten Life Insurance; Revised Outlook to Stable

JCR Affirmed A+/Stable Long-term Issuer Rating on INFRONEER HD

JCR Affirmed BBB+/Stable and J-2 on FURUKAWA

JCR Assigned Preliminary A+ Rating to Shelf Registration of Nomura Real Estate HD

ARCHIVISION21: Second Party Opinion on Sustainability Linked Loan Framework

de-Live, THE KYOTO CHUO SHINKIN BANK: Second Opinion on Positive Impact Finance

NKE, THE KYOTO CHUO SHINKIN BANK: Second Opinion on Positive Impact Finance

Shinyou Unso, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

KENCONTROLS, THE NISHI-NIPPON CITY BANK: Second Opinion on Positive Impact Finance

Kouichi Kogyo, THE BANK OF FUKUOKA: Second Opinion on Positive Impact Finance

Sep. 25, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on Kanadevia

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of Sanken Electric

[ Asset Securitization Products ] JCR Assigned A+ to US real estate secured loan securitization 2025-09

JCR Assigned AA to Libra A Limited Series C098

Sumitomo Mitsui Trust Bank (Future Trust): Second Party Opinion on Green Finance Framework

TOYOKEIKI, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan

&Do Holdings, San ju San Bank: Second Opinion on Positive Impact Finance

MIYATEC, San ju San Bank: Second Opinion on Positive Impact Finance

Kinbara Noriten, THE SHIZUOKA BANK: Second Opinion on Positive Impact Finance

YAMAJU CERAMICS, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

PRIME HOUSE HORLDINGS, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

SR HOLDINGS, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

OCHIAI, The Joyo Bank: Second Opinion on Positive Impact Finance

hamasaka denki, The Tama Shinkin Bank: Second Opinion on Positive Impact Finance

OGURA, The Chiba Kogyo Bank: Second Opinion on Positive Impact Finance

MUGEN ESTATE, The Chiba Kogyo Bank: Second Opinion on Positive Impact Finance

FUKKO KENSETSU, The Nanto Bank: Second Opinion on Positive Impact Finance

Sep. 24, 2025

JCR Affirmed A+/Stable Long-term Issuer Rating on TAKARA STANDARD

JCR Affirmed A/Stable and J-1 on HANWA

JCR Affirmed A-/Stable Long-term Issuer Rating on RESORTTRUST

JCR Affirmed A-/Stable Long-term Issuer Rating on SHIMIZU BANK

JCR Affirmed A+/Stable Long-term Issuer Rating on SEIBU SHINKIN BANK

JCR Assigned AA- to SPIRE SA Series 2025-228

BRIDGESTONE MATSUYAMA TIRE CENTER, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Sep. 22, 2025

JCR Affirmed A/Stable FC Long-term Issuer Rating on Samvardhana Motherson International

JCR Affirmed BBB+/Stable (FC) and A-/Stable (LC) on Indonesia

JCR Assigned AA- Rating to Subordinated Loan of National Mutual Insurance Federation of Agricultural Cooperatives

JCR Upgraded Rating on Icho Credit Service LLC to AAA

JCR Assigned AA- to Bonds of Zenkyoren 4th Subordinated Loan Securitization Company Limited

Nakamichi Kogyo, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance

J'S CORPORATION, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Sep. 19, 2025

JCR Affirmed BBB/Stable Long-term Issuer Rating on GAKKEN HD

JCR Affirmed AAA/Stable (FC/LC) on Norway

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-09

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Kyokuhoukai Medical Association, Asahikawa Sanai Hospital)

MATSUI HONTEN, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

CAELUM, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

RIBIAS, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Sep. 18, 2025

JCR Affirmed A+/Stable and J-1 on Marubeni-Itochu Steel

JCR Affirmed A-/Stable Long-term Issuer Rating on NS UNITED KAIUN

JCR Affirmed AA-/Stable Long-term Issuer Rating on Hulic Private Reit

JCR Assigned AA- to Cypher Limited Series 30113

Kato Light Metal Industry, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Sep. 17, 2025

JCR Affirmed AA+/Stable Long-term Issuer Rating on Recruit HD

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Chikuho Bank

JCR Affirmed AA+/Stable Long-term Issuer Rating on Nippon Prologis REIT

JCR Affirmed A on Daiwa Green Finance Program Beneficial Interest and Trust ABL (Iwamizawa and Kushiro Solar Power Plants)

JVCKENWOOD: Post-execution Verification Report on Sustainability Linked Loan

ISSYOU METAL, The Joyo Bank: Second Opinion on Positive Impact Finance

Sep. 16, 2025

JCR Affirmed A+/Stable and J-1 on TAIHEIYO CEMENT

[ Asset Securitization Products ] JCR Upgraded US real estate secured loan securitization 2023/2024/2025 to A+

[ Asset Securitization Products ] JCR Assigned Preliminary A to Commitment Line of Trust ABCL (7361)

[ Asset Securitization Products ] JCR Assigned AA- to Ascent Finance Limited Series 2025-1031

Sep. 12, 2025

JCR Upgraded Long-term Issuer Rating on Tokushu Tokai Paper to BBB+/Stable

JCR Affirmed AA/Stable Long-term Issuer Rating on Eurus Energy HD

JCR Assigned A- Rating to Bonds of AIFUL

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Finance and Leasing

JCR Assigned AA+ Rating to Bonds of Corporacion Andina de Fomento

JCR Assigned Preliminary A+ Rating to Shelf Registration of Pan Pacific International Holdings

Joint Green Bond Issuers (Local Governments): Assigned Green 1 to Joint Local Government Green Bond 5th

MUSASHI corporation, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan

Astec Corporation, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

NISSIN EX, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Sep. 11, 2025

JCR Affirmed BB- Long-term Issuer Rating on Sharp; Revised Outlook to Stable

JCR Affirmed A-/Stable FC Long-term Issuer Ratings on Tianfeng Securities and TF International Securities Group

JCR Assigned A+ Rating to Bonds of Sojitz

JCR Assigned AA Rating to Bonds of Hankyu Hanshin HD

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned BBB to Securities of STARTS (Ireland) PLC

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) August 2025

Sep. 10, 2025

JCR Affirmed A Long-term Issuer Rating on Lotte Chemical; Revised Outlook to Negative

JCR Affirmed A-/Stable Long-term Issuer Rating on ASAHI BROADCASTING GROUP HD

JCR Affirmed AA-/Stable and J-1+ on POCKET CARD

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned AA- to Sylph Limited Series 60237

Sep. 09, 2025

JCR Affirmed A+/Stable and J-1 on THK

JCR Affirmed BBB+/Stable Long-term Issuer Rating on OKASAN SECURITIES GROUP and OKASAN SECURITIES

JCR Affirmed BBB+/Stable and J-2 on Tokai Tokyo Financial HD and BBB+/Stable on Tokai Tokyo Securities

JCR Affirmed A/Stable Long-term Issuer Rating on TOMONY HD, TOKUSHIMA TAISHO BANK and KAGAWA BANK

JCR Assigned BBB Rating to Preferred Shares of ZENSHO HD

JCR Assigned AA- to Bonds of Kai Limited Series 70741

Sep. 08, 2025

JCR Affirmed BBB Long-term Issuer Rating on RENOVA; Revised Outlook to Positive

JCR Affirmed AA/Stable Long-term Issuer Rating on Mori Trust HD

Sep. 05, 2025

JCR Assigned A-/Stable Long-term Issuer Rating to Tokaido REIT